Business briefs

EU market rises; Wall Street closed for holiday

Europe's main stock market indexes nosed higher on Monday as investors cautiously contemplated a further fall in value for the Japanese yen, which sent the benchmark Nikkei index surging more than 2 percent.

Analysts predicted a subdued start to the European trading week with voters in Italy and Cyprus to cast ballots next weekend and Wall Street's closure for Presidents Day.

Traders also digested the relative lack of criticism of Japan at a weekend meeting of Group of 20 finance ministers. Japanese Prime Minister Shinzo Abe has introduced measures that would have the knock-on effect of driving down the yen in a bid to help manufacturers.

Burger King falls victim to Twitter hack

The tweets stopped after a little more than an hour, and Burger King said it had reached out to Twitter to suspend the account. Burger King, which usually tweets several times a week, said it was working to get the account back up. Typical tweets promoted sales on chicken sandwiches, or asked how many bites it takes to eat a chicken nugget. McDonald's responded on Twitter that it had nothing to do with the hacking.

Reader's Digest owner files for Chapter 11

The parent company of Reader's Digest has filed for Chapter 11 bankruptcy protection for the second time in less than four years, saying it needs to cut its debt so it can keep restructuring.

RDA Holding Co. says it will keep publishing during the bankruptcy. It is aiming to be out of Chapter 11 within six months.

The New York company said late Sunday that it plans to cut its debt load by 80 percent during the restructuring, leaving it with about $100 million in debt.

RDA's Reader's Digest Association Inc. filed for Chapter 11 protection in 2009 in the midst of a recession and a drop in advertising and circulation.

The company emerged from bankruptcy in early 2010.

Heathrow logs record 70M passengers

The owner of Heathrow airport has said Britain must expand its airport capacity or lose out to rivals, as it announced that a record 70 million passengers used the London air hub in 2012.

The airport saw an 8 percent rise in revenue to $3.82 billion for the year of the London Olympics.

There were 471,341 flights to and from Heathrow in 2012, just below its absolute capacity of 480,000.

Algerian oil plant resuming work

The Algerian gas complex that came under terrorist attack last month will partially resume work over the next week, an official said Monday.

Abdelhamid Zerguine, head of the country's state-owned energy company, Sonatrach, said one of the plant's three gas units should resume production before Feb. 24, the anniversary of Algeria's 1971 nationalization of its oil industry.

On Jan. 16, a band of al-Qaida affiliated militants attacked the Ain Amenas complex and took dozens of foreign workers hostage.

After a four-day standoff, the Algerian army moved in and killed 29 attackers and captured three others.

At least 37 hostages, including one Algerian worker, died in the battle.

- Associated Press

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Business briefs

Europe's main stock market indexes nosed higher on Monday as investors cautiously contemplated a further fall in value for the Japanese yen, which sent the benchmark Nikkei index surging more than 2

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